Goldman Sachs has fired 20 junior analysts who were caught cheating on the company’s internal tests.
The analysts were part of Goldman’s securities business and were located in offices throughout New York and London.
“This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm,” Goldman spokesman Sebastian Howell told CNNMoney.
The cheating took place on internal tests, not regulatory exams.
The company did not reveal how it discovered that the employees were cheating.
It hasn’t been a great week for Goldman Sachs. The company announced a 16% decline in third-quarter compensation expenses. The company has slashed pay while increasing headcount by 10%.
The company has also witnessed decreased trading revenue of 33% in the last quarter as financial markets around the world continue to take hits.